7 July 2022

Toyota Australia Posts $249 Million After-Tax Profit

Toyota Motor Corporation Australia Limited (TMCA) has returned an after-tax profit of $249 million for the financial year ended 31 March 2022.

Comprising Toyota Australia, Lexus Australia and Revolution operations, the latest result reflects ongoing strong demand for new vehicles and includes proceeds from the sale of the Chatswood Toyota dealership in Sydney.

The 2021-22 return compares with an after-tax profit of $332 million in the previous financial year, which included the sale of the TMCA property at Caringbah (NSW) and the Sydney City Toyota dealership.

Financial year sales by Toyota and Lexus rose by 6.2 per cent to 234,091 vehicles, representing more than one out of every five new vehicles sold in Australia (22.3%).

TMCA President and CEO Matthew Callachor said a highlight for the financial year was the sale of over 73,000 Toyota and Lexus hybrid-electric vehicles, lifting the cumulative total to more than 300,000 of these more fuel-efficient cars and SUVs.

"Toyota and Lexus hybrids are making an important contribution to cutting fuel consumption and fuel costs for consumers - and therefore reducing carbon emissions, not just in Australia but globally," Mr Callachor said.

"At the same time, unprecedented demand for our vehicles, combined with the global automotive industry's shortages of semiconductors and other components due to COVID supply chain challenges, has unfortunately resulted in extended customer wait times for many vehicles.

"Toyota apologises sincerely for the inconvenience being experienced by affected customers, and thanks them for their loyalty and patience. I want to assure them that we and our global production teams are doing everything in our power to secure the maximum number of vehicles for our market and as quickly as possible."

Mr Callachor also paid tribute to TMCA employees, dealers and suppliers, saying the company's healthy financial position reflected their dedication and support.

"On their behalf, and as a company dedicated to supporting the communities in which we operate, TMCA has decided to devote one per cent of pre-tax profit every year to community programs, starting with $3.4 million for 2021-22," he said.

In the 2021 calendar year, Toyota was the best-selling automotive brand for the 25th year with 223,642 new-vehicle sales - the third-highest total on record and substantially higher than the 204,801 vehicles sold in 2020.

HiLux was Australia's best-selling vehicle for the sixth year running, Corolla was Australia's most popular passenger car for the ninth year straight, and RAV4 was once again the country's best-selling SUV as well as the top-selling hybrid vehicle.

Lexus advanced its standing as a leading luxury lifestyle brand, lifting sales by 5.0 per cent to 9,290 vehicles, including a record 3,604 hybrid-electric vehicles or 38.8 per cent of the brand's local deliveries.

Significant Lexus model launches included the luxury brand's first battery-electric vehicle, UX 300e, in late 2021 and the all-new NX range including the first Lexus plug-in hybrid vehicle, NX 450h+, in February 2022.

Other Toyota milestones in the financial year included:

  • New model launches of Mirai, Kluger, and Landcruiser 300;
  • Expansion of the Gazoo Racing (GR) range with the arrival of the GR Yaris Rallye;
  • Upgrades to RAV4, Camry, Prado, HiLux, Fortuner and Supra;
  • Hybrid models accounting for a record 29.3 per cent of Toyota's sales by year's end;
  • Delivery of the first Mirai fuel-cell electric vehicles to forward thinking organisations, including the CSIRO;
  • Raising over $1.9 million to support grassroots football and cricket clubs thanks to the Good for Footy and Good for Cricket raffles, plus an additional $247,500 raised through the Bash for Cash initiative;
  • Contribution of approximately $3.4 million to community programs (1st year of the 1% pre-tax profit to social contribution target); and
  • Reveal of Toyota's global carbon neutral plans featuring an investment of 8 trillion yen into carbon-neutral vehicles and technologies, including BEVs.
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